LONDON :Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for US$80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Goldman Sachs raised by US$10 its forecast for Brent crude at the end of this year to US$90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. Caught short by the demand rebound, members of the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, have had difficulty raising output as under-investment or maintenance delays persist from the pandemic.
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